Recently, the pullback in the Crypto Assets market has raised concerns among many investors, with many beginning to question whether the bull run has come to an end. However, a deep analysis of the current market conditions allows us to reach a relatively optimistic conclusion.

First, let's examine several key factors that usually lead to the end of a crypto bull run: a shift in the macro economy, the US stock market entering a bear market, large-scale profit-taking, exhaustion of positive news, and unexpected policy events. Currently, it seems that none of these factors have reached a critical point.

From a macroeconomic perspective, the expectation of interest rate cuts continues, and the US dollar may remain weak in the next six months. After a brief adjustment, the US stock market is expected to maintain an upward trend at least until mid-2026. The sentiment in the crypto market is currently relatively subdued, with long-term holders not having sold off on a large scale, and there is not an abundance of market profit-taking.

In addition, important catalysts such as the launch of various Crypto Assets ETFs and potential favorable policies from the White House and SEC have not yet fully materialized. There is also no obvious policy risk in the short term.

Based on these observations, we can infer that the bull run of Crypto Assets has not yet ended. The current pullback seems more like laying the groundwork for the final wave of increase that may occur in the fourth quarter.

In terms of Bitcoin (BTC), multiple technical indicators suggest that this round of adjustment may soon bottom out. There are two possible scenarios for future trends: first, if the US stock market pulls back next week, BTC may further dip below the previous low of $107,200, absorbing the last wave of liquidity before rebounding; second, if the US stock market continues to strengthen, BTC may find support in the range of $108,000-$109,000, and then attempt to challenge the $120,000 mark.

In the face of market fluctuations, it is crucial to remain calm and rational. Stick to your established trading plan, strictly adhere to trading discipline, and do not be swayed by short-term emotions. Remember, trading is just a part of life, and maintaining a peaceful mindset makes it easier to achieve desirable returns.